Hyperliquid Policy Center CEO: All exchanges will adopt public chain infrastructure

Hyperliquid Policy Center CEO Jake Chervinsky stated at the Digital Asset Summit 2026 Asia in Singapore that "every exchange," including CME Group and Intercontinental Exchange (ICE), will adopt public chain infrastructure in the next decade to remain competitive. He emphasized that Hyperliquid is not an exchange but an infrastructure available for different participants, comparing it to Bitcoin, Ethereum, and Solana, arguing that there is no reason for public chains to register as exchanges.

Chervinsky mentioned that Hyperliquid does not intend to compete with Kalshi, Coinbase, Robinhood, and CME, but rather exists on the next layer of the tech stack, which these institutions can use to improve their products. He anticipates that in ten years, whether it is crypto-native exchanges like Kraken and Coinbase or traditional exchanges like ICE and CME, they will need to integrate this technology to compete. He also pointed out that, aside from regulated perpetual contracts, on-chain markets need to come under U.S. regulatory oversight, which he expects to happen "in the near future."

This statement comes in the context of Payward announcing in September plans to deploy a licensed perpetual contract market on Hyperliquid for U.S. customers, with Bitnomial, regulated by the CFTC, responsible for creation and clearing. Previously, Trump announced that the CFTC would compliantly introduce Hyperliquid to the U.S.